Alex 
Perpetual futures contracts on the decentralized exchange Hyperliquid have exploded in popularity over the past year, drawing traders with the ability to bet on crypto prices around the clock. However, Hyperliquid’s platform is not currently available to U.S. traders.
Now, President Donald Trump says his administration is working to bring Hyperliquid into the United States “in a fully compliant and legal fashion,” raising a deceptively simple question: How?
Last month, Trump said the Commodity Futures Trading Commission would work to bring Hyperliquid into the U.S. Then, crypto exchange Kraken’s parent company said it was workingwith the CFTC to offer registered U.S. users access to a selection of crypto perps linked to markets on Hyperliquid and its underlying Layer 1 blockchain through Bitnomial, a CFTC-regulated platform.
That arrangement could allow Hyperliquid to provide certain parts of the underlying technology, liquidity, or market design, without actually opening its existing venue to people in the U.S., said Nansen Research Analyst Nicolai Sondergaard.
“It would be a separate U.S. product built around Hyperliquid’s infrastructure, and the final structure has not yet been formally announced,” Sondergaard said in an email.
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